Olympus Property Pays $112M for Suburban Phoenix Community

The Wolff Co. sold the 360-unit asset.

Completed in 2022, Aiya encompasses 16 buildings. Image courtesy of IPA

Completed in 2022, Aiya encompasses 16 buildings. Image courtesy of IPA

Olympus Property has purchased Aiya, a 360-unit multifamily community in Gilbert, Ariz., for $112 million or $311,111 per unit. The Wolff Co. was the property’s seller.

Institutional Property Advisors brokered the transaction, with Executive Managing Directors Steve Gebing and Cliff David working on behalf of the seller and procuring the buyer. The acquisition financing was arranged by IPA Capital Markets’ Executive Director Brian Eisendrath and Senior Directors Cameron Chalfant and Jake Vitta.

Completed in 2022, the garden-style community encompasses 16 buildings with one-, two- and three-bedroom floorplans ranging between 546 square feet and 1,228 square feet. Common-area amenities include a swimming pool, a fitness center, a spa, a clubhouse, a playground, a game room, controlled access, electric vehicle charging stations and approximately 576 parking spaces. Units feature washers and dryers, stainless steel appliances, walk-in closets and balconies or patios.

Located at 2350 S. Wade Drive, the property is near the intersection of Route 60 and SanTan Freeway, which provides easy access across the Phoenix metropolitan area. Phoenix-Mesa Gateway Airport, Arizona State University Polytechnic Campus and Dignity Health Mercy Medical Center are within a 3.6-mile radius from the 16-acre site. Aiya’s location also provides access to Gilbert’s Gateway employment area, central business district, Elliot Road Technology Corridor and Price Corridor.

Olympus Property has recently purchased a 111-unit community in Flagstaff, Ariz., from Chason Affinity Cos. The $35.5 million transaction involved a $22.5 million Fannie Mae loan arranged by Walker & Dunlop.

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